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Dec 5, 2012
12/12
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if they understood that the highway fund is running a deficit, and having to borrow from china to fix the roads, it is something they would be concerned about. >> i accept the point that any tax increase has become problematical, but the gas tax i would add in along with medicare and social security, no one is fighting to decrease the gas tax. there's no protest outside of gas stations, because it is accepted at that kind of a level, whereas there's plenty of interest in cutting all kinds of other taxes. as an elected official, i think these things which are tied specifically to benefits that people can see and can grab onto, are much easier to do, and that there is some opportunity in this debate to do that. >> can i make a quick point, based on research, which is are people willing to pay higher taxes to reduce the deficit? it turns out that overall people are with one are if they feel certain it will go to reduce the deficit. there is a little trust that revenues that go to washington will be used there instead of new spending or broken spending programs. the lessons we look from t
if they understood that the highway fund is running a deficit, and having to borrow from china to fix the roads, it is something they would be concerned about. >> i accept the point that any tax increase has become problematical, but the gas tax i would add in along with medicare and social security, no one is fighting to decrease the gas tax. there's no protest outside of gas stations, because it is accepted at that kind of a level, whereas there's plenty of interest in cutting all kinds...
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Dec 28, 2012
12/12
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china's >> ok. concepts. for 20 years i have been advising -- roughly half of that on financial economic matters. the other half a variety of topics. about 10 years ago, we started talking about role of law. i said to him at the time, what strikes me about this topic was that other than the occasion i can think of, other than when paul worked at the state department and bill clinton was president, this topic in my view has never gotten the attention it deserves. it has been treated too much as a technical topic. not as a fundamental topic about the relations of the states. in my experience, i always say the chinese leadership, the most distinctive characteristic is they are systematically opened. that is to say the modus operandi is on a particular topic, let's look for the best ideas throughout the world, bring them back, study them, and then customize them as appropriate for our own system. and yet in this one respect, they have been a little bit slow. we had this conversation 10 years ago. now, i will stic
china's >> ok. concepts. for 20 years i have been advising -- roughly half of that on financial economic matters. the other half a variety of topics. about 10 years ago, we started talking about role of law. i said to him at the time, what strikes me about this topic was that other than the occasion i can think of, other than when paul worked at the state department and bill clinton was president, this topic in my view has never gotten the attention it deserves. it has been treated too...
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Dec 12, 2012
12/12
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if you look at china in particular, they are looking for corporate bonds rather than u.s. treasury securities because they do not like what they see. we are living on borrowed time. we have created another bubble. my view is the reason the fed is doing that is because the mandate was changed in the late 70's to where they have to be concerned with unemployment. we need a fiscal deal. the fed has to change its policy because both are imprudent and unsustainable over time. >> right. >> one of the most successful physical consolidations in the developed, democratic world in canada, in the mid 1990's, and i ask the canadian politicians how did you do it? the public went from cheering on spending to deficits within a matter of a year or two. the government in canada now risks some peril if they do not balance their budget. the answer you most frequently get is all they had to do was say, 40% of revenues was going to pay the interest bill on the canadian debt, and the public immediately realized that was not a great idea. we cannot make that argument. we run these massive defici
if you look at china in particular, they are looking for corporate bonds rather than u.s. treasury securities because they do not like what they see. we are living on borrowed time. we have created another bubble. my view is the reason the fed is doing that is because the mandate was changed in the late 70's to where they have to be concerned with unemployment. we need a fiscal deal. the fed has to change its policy because both are imprudent and unsustainable over time. >> right....
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Dec 28, 2012
12/12
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he used to -- of china chance is progress to if there was one district name in changing the health and when people said the but the time from cover to,. it was a two session time. what they really meant was that they scanned it things they have read a yesterday. it was the reliable place to go. all of the news fit to print. it was a very important -- it was a very important part of history. let's take the normandy invasion in 1944, a major historic event. you remember -- most of us do not remember that, but if you think of that, could he should the map of the allies' progress? at the end of the thirties. horace. the crimes a point of departure, to make sure they have full reporters, that the most accurate news was really in the newspaper. the great news reporters could do so much. so it really was not the place for people to go to the news. i want to stress something else out. at that time, the government and the media were aligned. there was not this junction that we have now. it was not fox fees. there was not a gap that will come to later. i wanted to become the new media and admini
he used to -- of china chance is progress to if there was one district name in changing the health and when people said the but the time from cover to,. it was a two session time. what they really meant was that they scanned it things they have read a yesterday. it was the reliable place to go. all of the news fit to print. it was a very important -- it was a very important part of history. let's take the normandy invasion in 1944, a major historic event. you remember -- most of us do not...
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Dec 27, 2012
12/12
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it gobbled up everything produced in japan and later in china. and for the american owners of these distant factories, they said their profits to wall street, a form of tribute to the global minotaur. what do bankers to when such a tsunami of capital comes their way daily? between $3 billion and $5 billion every week. they find ways to make it grow on their behalf. sawus in 1985, 1990's, you an explosion of money minting on the back of the daily capital tsunami that floated to feed the global minotaur. just like its mythological predecessor, the global minotaur has kept the economy going for decades. until the pyramids of private money built on the tribute collapsed on their own weight. economy is simply not large enough to hold it so much private toxic money. money like a paper that burns down once the collapse begins. in this confederation, the global minotaur was wounded. while in rude health, the minotaur formed new forms of pleasure and new forms of deprivation. ample security for a few and spectacular insecurity for most. creating spectacul
it gobbled up everything produced in japan and later in china. and for the american owners of these distant factories, they said their profits to wall street, a form of tribute to the global minotaur. what do bankers to when such a tsunami of capital comes their way daily? between $3 billion and $5 billion every week. they find ways to make it grow on their behalf. sawus in 1985, 1990's, you an explosion of money minting on the back of the daily capital tsunami that floated to feed the global...
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Dec 20, 2012
12/12
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house of january 5, 2011 of the following individual on the part of the house to the united states china economic and security review commission for a term to expire december 31, 2014. the clerk: mr. larry wortzel of virginia. the speaker pro tempore: pursuant to clause 12-a, rule 1, watched documents and links about the fiscal cliff. over the next several hours, the latest on the negotiations over the so-called fiscal cliff. in a few moments, president obama, who also talked about preventing gun violence. it will hear briefly from house speaker john boehner, followed by house minority leader nancy pelosi. later the comments of senator kent conrad. >> if you work for him, you would get a mercurial, sometimes generous, sometimes overbearing, sometimes almost cruel loss. he did not know how to apologize. men of his age and class are not going to apologize for yelling at a secretary or typist. he had a way of turning the tables. his version of an apology would be saying actually i am a very kind man and you were doing a very good job today. the issue was never settled. he always had to get
house of january 5, 2011 of the following individual on the part of the house to the united states china economic and security review commission for a term to expire december 31, 2014. the clerk: mr. larry wortzel of virginia. the speaker pro tempore: pursuant to clause 12-a, rule 1, watched documents and links about the fiscal cliff. over the next several hours, the latest on the negotiations over the so-called fiscal cliff. in a few moments, president obama, who also talked about preventing...
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Dec 19, 2012
12/12
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partners such as singapore and the philippines and expanding our dialogue and -- in exchanges with china. we are also an handed our presence and capabilities in the region. that includes -- expanding our presence and capabilities in the region. that includes allocating our naval fleet to have a 60/40 s plit between the pacific and atlantic oceans, increasing army and marine presence in the region. locating our most advanced aircraft in the pacific, including new deployments of f- 22's and the mv22's to japan. and lay the groundwork for the first overseas deployment of the f-35 joint strike fighter. the third element of our strategy is that as we do force projection in the asia-pacific and middle east, we still have to maintain our global leadership and presence by building innovative partnerships and partner capacity across the globe and using these innovative rotational deployment as a way to do exercises and training with other countries, developing their capabilities so they can provide for their own security. in latin america, africa, europe, and elsewhere. the past decade of war has
partners such as singapore and the philippines and expanding our dialogue and -- in exchanges with china. we are also an handed our presence and capabilities in the region. that includes -- expanding our presence and capabilities in the region. that includes allocating our naval fleet to have a 60/40 s plit between the pacific and atlantic oceans, increasing army and marine presence in the region. locating our most advanced aircraft in the pacific, including new deployments of f- 22's and the...
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Dec 6, 2012
12/12
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companies but international companies that are looking where to invest with the challenges in europe, with china going through a transition, with india's political system, as chair of the india caucus, almost more this functional than ours. we look pretty darn good if we can put a real plan in place. >> what would be the size of the plan? >> i think it gets north of $4 trillion, whether it gets to $6 trillion. this goes back to where you start. two points -- kind of on the opening round questions. it is important to remember that the simpson-bowles plan, which has gained a lot of attention, or the gang of six, which is built off the simpson- bowles, the presumptions that went into those plans assumed that all the top rates would go back up. when you start from that, even though i think simpson-bowles's idea that he would bring the rates down to the high 20's is a bit of a stretch. i do not think we will see that kind of across the board almost zeroing out in some places of tax expenditures that would require. they can show a path towards meaningful tax reform even with the rates at the higher le
companies but international companies that are looking where to invest with the challenges in europe, with china going through a transition, with india's political system, as chair of the india caucus, almost more this functional than ours. we look pretty darn good if we can put a real plan in place. >> what would be the size of the plan? >> i think it gets north of $4 trillion, whether it gets to $6 trillion. this goes back to where you start. two points -- kind of on the opening...